Circular Flow of the Market Review
Published on Apr 20, 2016
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PRESENTATION OUTLINE
Circular Flow of the Market Quiz
18 distinct slides
breaking a large job into several smaller jobs
Photo by Kathy Cassidy
Division of Labor
Specialization
Where productive resources are bought and sold
Photo by Billy Wilson Photography
Factor market
Tools, machinery, equipment used to produce a G/S
Photo by bre pettis
Capital
Where producers offer G/S for sale
Photo by marcp_dmoz
Product market
risk-taking, innovation, initiative
Photo by stevendepolo
Entrepreneurship
Productivity
Natural resources used to produce a G/S
Photo by NRCS Soil Health
Land
CELL is also known as the
Photo by Tim Pearce, Los Gatos
four factors of production
The exchange of G/S between the factor and product markets in a continuing cycle or circle is referred to as the . . .
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Circular Flow of the Market
Human resources needed to produce or provide a G/S
Photo by Stuck in Customs
Labor
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Consumers EARN their income in the _________ market
Photo by 401(K) 2013
Factor Market
And, they SPEND their income in the _________ market
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Product market
The reliance on others and others rely on us to provide G/S is referred to as
Photo by Kalense Kid
Economic Interdependence
Maximize profit
The goal of households is to ___________ ____________
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Maximize utility
In the circular flow of markets, firms are also know as _______
Photo by Digital Sextant
Suppliers
In the circular flow of the market, households are known as _____
Photo by garryknight
